£10million - and you can see the Wigan Athletic books!

Wigan Athletic administrator Gerald Krasner expects the number of parties registering an interest in the club to reach 30 this week – but admits the hopes for finding the right buyer would actually be improved by the club dropping into League One.
The DW StadiumThe DW Stadium
The DW Stadium

Krasner is already sifting through a host of enquiries in the club, but says the vast majority will fall by the wayside.

“It’s been more promising over the last 24 hours, I’ve sent out more NDAs (non-disclosure agreements), so it’s going according to plan,” he told the Wigan Post.

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“I’ll hit my target of 30 this week...we’re nearer 30 than 20 at the moment.

“Two have backed out already, but that’s to be expected, because I’ve been asking for proof of funds of £10million minimum.

“What happens is I send out the NDAs, they have to send me back proof of funds - which is £10million – and they get the outline information.

“Once they’ve proved they’re still interested, they can go and look into what we call the data room, which holds all the information.

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“If they’re still interested at that stage, we would invite them to make an offer.

“In this situation, I would hope to be left with two genuine offers out of the initial 30 parties interested.

“If I get more than two, I would be absolutely delighted.”

Regarding a possible timescale, Kraser acknowledged the clock was ticking.

“By next month,” he replied. “Negotiations would definitely have to take place this month.

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In the meantime, Latics of course have a battle on their hands to secure their Championship status.

After slipping into administration, the club are looking at a 12-point deduction – which would see them drop from 14th place to all the way to the bottom of the table.

Krasner, though, says demotion would not necessarily be catastrophic in the long term.

“The big question then is are we a Championship club, or are we a League One club?” he explained.

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“In some ways League One would be better – obviously not for the supporters.

“But because the amount of money this club’s been losing in the Championship would put some people off.

“I think fans have to be realistic that it would be much easier in League One for someone to come in and rebuild slowly, rather than stay up and then be relegated with another owner who can’t afford it.”

Krasner also explained the process of what would happen to the money if – and hopefully when – an offer is accepted.

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“Once the deal is completed, and the football share has gone, I can sit down and have a decent meal,” he added.

“We’ll then allocate whatever money we get to different companies – because there are five companies to deal with, and each company has to look at their own creditors.

“Each company has to look at its own creditors, and work out if there’s enough money to pay a dividend.

“If, when we’ve sorted all that out, there’s any money left – which there will be – it would go back over to Hong Kong.”

When asked why the owners wouldn’t have elected to wait three weeks until the end of the season to assess, Krasner’s answer spoke volumes.

“No comment,” he said.

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